Financing

Possibly the most difficult part in entire process: borrowing funding

There is a TON to write about this topic but my bank, Glacier Bank has a wonderful writeup on the topic to help you begin

Highlights

• In most instances you need 25% cash down to buy land, but could vary bank to bank

• If you buy the land before wanting to build you can possibly use the land as collateral for a construction loan

• You can wrap the land downpayment + construction downpayment into one BUT a bank will likely want to see formal plans and a bid from a licensed general contractor first. This can be difficult in a competitive market if land is selling fast. Also, the land often informs building type and scale

• Convincing a bank to lend you money directly to build as your own general contractor might be possible but likely not easy

• Building yourself with cash is naturally the easiest + easiest way to get better deals from subs…but requires you to have a lot of cash